- Improved consumption supports domestic steel sentiment
- Export offers rise amid higher freight and cost pressures
Chinese billet prices increased by RMB 20/t ($3/t) d-o-d to RMB 2,970/t ($432/t) on 12 March, supported by improved domestic consumption and firm raw material prices. Social consumption improved by around 15%, while inventory growth slowed compared with the previous two weeks, indicating gradual demand recovery.
Meanwhile, SHFE rebar futures rose by RMB 5/t ($1/t) d-o-d to RMB 3,120/t ($454/t). Export markets remained challenging, although higher freight visibility and stronger FOB offers pushed export indices up by $2/t, with mills showing a firmer stance amid rising iron ore and coke costs.
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